The firm said Tuesday that it had entered into an agreement with its longtime financing partner, Canaccord Genuity Corp., and a syndicate of underwriters to raise the money via a private placement.

Last week, Health Canada approved two new buildings at Hydropothecary’s Gatineau facilities and granted the pot producer a licence renewal to grow and sell as much cannabis as it can store.

A Hydropothecary spokesperson said Tuesday that the loosened restrictions signal a major move on the part of Health Canada to fast-track industry expansion ahead of the federal government’s plans to legalize marijuana for recreational use by July 2018.